Research On The Application Of "PPP+REITs" In Supporting The Development Of Environmental Protection Industry

This assertion of General Secretary Xi Jinping that “Clear waters and green mountains are as good as mountains of gold and silver” has attracted positive responses from all over the country since its introduction,and the building of ecological civilization has received unprecedented attention,which has greatly boosted the development of environmental protection industry.Since the proposal at the Third Plenary Session of the 18 th Central Committee was put forward,PPP has been highly appreciated and has since entered a period of rapid development.The environmental protection industry,because of its industry specificity,relies heavily on the PPP financing model as a way to open up the link between social capital and government projects.However,with the rapid development of the industry,the demand for financing is also gradually rising,coupled with the industry’s increasingly strict approval,the actual rate of landing environmental PPP projects has fallen year by year,and government debt has also increased.In order to promote the benign development of the environmental protection industry,the State Council,the National Development and Reform Commission,and the Ministry of Ecology and Environmental Protection have issued successive documents,proposing to encourage and support social capital to participate in environmental protection project investment,and to include clean energy and other environmental protection projects in the pilot scope of REITs.Currently,China’s public REITs are in the early stage of development,and there are few cases for reference,so it is of strong practical significance to study them in depth,and the environmental protection field is one of the important areas for future development.This thesis uses the first batch of publicly tradedIn this thesis,we take the Fullgoal Capital Water REITs,one of the first nine public REITs publicly traded in China,as a case study.The overall research idea is to start from the overall situation of China’s environmental protection industry and environmental PPP projects,and initially analyze and explore the fit between environmental PPP projects and public REITs,and the significance of adopting REITs financing model for environmental PPP projects.Thus,the feasibility is studied from a macro perspective.After reaching preliminary conclusions,a multi-faceted analysis of the listed Fullgoal Capital Water REITs was conducted at the micro level,using a combination of qualitative and quantitative,horizontal and vertical approaches to investigate the financing drivers and effects.The study found that,firstly,the issuance of public REITs has a clear effect on improving the financial situation of enterprises;secondly,in the study of market effects,the issuance of public REITs has a positive effect on the share price of listed companies,which can effectively increase the accumulated earnings in the short term;again,some problems were also found in the study,such as taxation issues and policy stability issues,which should not be ignored.Finally,based on the problems identified and the current policy background,we propose some research recommendations for reference,hoping that the research in this thesis can provide some ideas and data to help the subsequent research on innovative financing models in the environmental protection industry and promote the “PPP+REITs” financing model in the environmental protection industry.It is hoped that this thesis will provide some ideas and data to help the subsequent research on innovative financing models in the environmental protection industry,promote the benign development of the “PPP+REITs”financing model in the environmental protection industry,and expand it to more industry sectors to help the country promote the Beautiful China strategy in the 14th Five-Year Plan period.